For 27 years, Joseph Ngige has sat across from individuals, families, and businesses, helping them answer one important question: What happens if life does not go according to plan?<\/p>\n
Having built his career in different insurance companies and brokerage firms, Joseph has seen firsthand the difference between people who prepare for uncertainty and those who are forced to deal with financial setbacks when it is too late.<\/p>\n
Today, he runs Aletheia Insurance Agency, an insurance professional firm that helps clients navigate different insurance solutions, from personal covers to business protection.<\/p>\n
\u201cInsurance is a financial product,\u201d Joseph explains. \u201cMost people are familiar with banking products because that is the finance they know. Insurance is also part of finance, except the difference is that it is a risk transfer mechanism.\u201d<\/p>\n
At its core, he says, insurance is about protecting yourself from financial disruption when unexpected events happen.<\/p>\n
\u201cThere are things that have financial implications in your life. When those events happen, they put you in a position of financial loss or financial setback. Insurance comes in to restore or compensate that loss,\u201d he says.<\/p>\n
Insurance is more than just car and medical covers<\/p>\n
For many Kenyans, insurance begins and ends with motor insurance and medical covers. However, Joseph says this limited understanding prevents many people from protecting other important areas of their lives.<\/p>\n
\u201cWhen people hear insurance, they immediately think about a car or health. But insurance touches every stage of life,\u201d he says.<\/p>\n
He explains that as people grow, their insurance needs change.<\/p>\n
A young person starting their career may need medical insurance, protection for personal belongings, and retirement planning. A parent may need life insurance to protect their children\u2019s future. A business owner may need covers that protect their employees, equipment, and income.<\/p>\n
\u201cEvery time you start your journey of life, from being a minor to becoming an adult, you become responsible for different financial needs,\u201d Joseph says.<\/p>\n
Protecting your family when life changes<\/p>\n
One of the biggest roles of insurance is protecting families from losing financial stability when a breadwinner is no longer able to provide.<\/p>\n
Joseph explains that life insurance is not only about death; it is about protecting the financial responsibilities attached to a person\u2019s income.<\/p>\n
\u201cIf somebody has a family and they depend on their earnings, then if that person loses their life or ability to work, the financial stream should not be severely disrupted,\u201d he says.<\/p>\n
This is why some parents invest in education policies, hoping to secure their children\u2019s future.<\/p>\n
\u201cPeople say they have a school fees policy because they are thinking, \u2018If something happens to me, what happens to my child\u2019s education?\u2019 The money can help meet that need,\u201d he explains.<\/p>\n
He adds that the same principle applies to business owners who are key to the survival of their businesses.<\/p>\n
\u201cYou can have a business where one person is the key man or woman. If something happens to them, what happens to the loans, the employees, and the operations? Insurance can help address those obligations.\u201d<\/p>\n
The insurance covers many Kenyans don\u2019t know about<\/p>\n
Beyond health and motor insurance, Joseph highlights several other covers that families and individuals should consider.<\/p>\n
Travel insurance<\/p>\n
Many people only think about travel insurance when applying for a visa, but Joseph says it offers much more.<\/p>\n
\u201cTravel insurance can cover medical emergencies, cancelled flights, lost luggage, loss of travel documents, and even legal expenses in certain situations,\u201d he says.<\/p>\n
Domestic package insurance<\/p>\n
For renters and homeowners, protecting household items is equally important.<\/p>\n
\u201cYou may not own the house, but you own the things inside it. You have a television, laptop, phone, jewellery, and other items. Those contents can be insured,\u201d he explains.<\/p>\n
For people whose work depends on equipment such as cameras and laptops, insurance can protect the home.<\/p>\n
\u201cThese days, a camera is someone\u2019s business asset. If it is lost or damaged while they are moving around for work, that risk can be covered.\u201d<\/p>\n
Professional indemnity insurance<\/p>\n
For professionals such as doctors, lawyers, engineers, and journalists, mistakes or claims arising from their work can have serious financial consequences.<\/p>\n
\u201cProfessional indemnity protects professionals when claims arise because of their professional duties. It can cover legal costs and compensation where applicable,\u201d Joseph says.<\/p>\n
When should young people start thinking about insurance?<\/p>\n
A common misconception is that insurance is something to consider later in life.<\/p>\n
Joseph disagrees.<\/p>\n
\u201cInsurance can be considered at all ages. The question is when you become responsible for your own risks,\u201d he says.<\/p>\n
He gives the example of young adults who transition from their parents\u2019 medical cover.<\/p>\n
\u201cWhen you leave your parents\u2019 cover, you need to think about taking a policy in your own name. You become responsible for your own situation.\u201d<\/p>\n
For someone starting, he advises beginning with the risks they already have.<\/p>\n
\u201cIf you have health risks, start with medical cover. If you have a car, insure it. If you have belongings, consider protecting them,\u201d he says.<\/p>\n
Insurance should match your financial ability<\/p>\n
One of the reasons many people avoid insurance is the belief that it is unaffordable.<\/p>\n
Joseph says this is a misconception.<\/p>\n
\u201cThere is no situation in your life where your insurance portfolio cannot respond. It depends on where you are in life,\u201d he says.<\/p>\n
He explains that someone earning a modest income does not need to start with the same covers as someone with significant wealth.<\/p>\n
\u201cIf I cannot afford a Sh2 million medical cover, maybe I start with a lower cover. Something is better than nothing,\u201d he says.<\/p>\n
He also encourages people to think about affordable options such as personal accident covers.<\/p>\n
\u201cPersonal accident policies can be very affordable. They protect in case of disability or loss of life resulting from an accident.\u201d<\/p>\n
What happens if you never make a claim?<\/p>\n
One question many policyholders ask is: What happens to my money if nothing happens?<\/p>\n
Joseph says this is where understanding insurance as risk transfer becomes important.<\/p>\n
\u201cWhen you pay insurance, you are paying for protection. The event may happen, or it may not happen to you, but someone else in that pool may experience that loss,\u201d he explains.<\/p>\n
Insurance works by pooling risks among many people so that those who experience losses can receive compensation.<\/p>\n
\u201cYou are paying for the security that should something happen, you are covered,\u201d he says.<\/p>\n
Why some insurance claims are rejected<\/p>\n
While some people believe insurance companies do not pay, Joseph says many rejected claims happen because policy terms were not followed.<\/p>\n
Using motor insurance as an example, he explains that policyholders have responsibilities.<\/p>\n
\u201cYou have to have a valid driving licence. You should not be driving under the influence. You need to operate the vehicle with reasonable care,\u201d he says.<\/p>\n
\u201cInsurance is a contract between you and the insurance company. The terms are written in the policy document, and both parties have responsibilities.\u201d<\/p>\n
He encourages people to understand their policies instead of simply signing documents they do not read.<\/p>\n
The biggest mistake Kenyans make<\/p>\n
After decades in the industry, Joseph says the biggest mistake people make is postponing insurance because nothing bad happened before.<\/p>\n
\u201cI was not sick last year, so I don\u2019t need medical insurance. My car was not stolen last year, so I don\u2019t need cover,\u201d he says.<\/p>\n
\u201cBut life changes. Insurance is not bought because something has happened; it is bought because something could happen.\u201d<\/p>\n
For Joseph, financial security is not only about how much money someone earns. It is also about protecting what they build.<\/p>\n
\u201cYou are your own greatest asset. Your health is important because your ability to earn depends on it,\u201d he says.<\/p>\n
He encourages people to think beyond immediate needs and consider retirement planning early.<\/p>\n
\u201cStart saving for retirement as soon as you start earning. The little you put aside grows over time because of compounding.\u201d<\/p>\n
He also reminds families that insurance should work alongside other financial plans.<\/p>\n
\u201cInsurance is not the only thing. There is what goes into investments, what goes into retirement funds, and what pays your bills. Life is about balance.\u201d<\/p>\n
The advice he would give his younger self<\/p>\n
Looking back at his 27-year journey, Joseph says he wishes he had taken financial planning more seriously earlier.<\/p>\n
\u201cI would tell my younger self to put aside money more seriously and focus on building my career,\u201d he says.<\/p>\n
His message to young professionals and parents is simple: start where you are.<\/p>\n
\u201cProtect what you have even as you invest. Insurance should become part of your financial lifestyle because it provides balance and security.\u201d<\/p>\n
For Joseph, the ultimate goal is not simply selling insurance policies \u2014 it is helping people build lives where unexpected events do not destroy everything they have worked for.<\/p>\n
\u201cFinancial security means being able to live your life without constantly worrying about how you will finance situations that are beyond your control,\u201d he says.<\/p>\n
\u201cAnd that is what insurance provides: peace of mind.\u201d<\/p>\n